From GlobeNewswire:

Wintrust Financial Corporation announced record annual net income of $622.6 million for the year ended December 31, 2023, up from $509.7 million in 2022. The Company also reported record quarterly net interest income, increased net interest margin, and growth in their loan portfolio during the fourth quarter of 2023.

During the fourth quarter of 2023, total loans increased by $686 million, totaling a 7% annualized increase, while total deposits increased by $404 million, or 4% annualized . The Company’s total assets increased by $705 million, or 5% annualized during the same period. Additionally, the net interest margin increased by 2 basis points to 3.62% in the fourth quarter of 2023.

The Company also reported an increase in net charge-offs totaling $14.9 million, or 14 basis points of average total loans in the fourth quarter of 2023. Non-performing loans totaled $139.0 million, or 0.33% of total loans at the end of the fourth quarter of 2023 compared to $133.1 million, or 0.32% of total loans. Despite these increases, net charge-offs and non-performing loans remain at historically low levels. The allowance for credit losses on the Company’s core loan portfolio as of December 31, 2023, was approximately 1.55% of the outstanding balance.

Total assets increased $704.7 million, and total loans increased by $685.8 million in the fourth quarter of 2023 compared to the third quarter of 2023. The Company’s loans to deposits ratio ended the quarter at 92.8%. Non-interest bearing deposits as a percentage of total deposits remained stable at 23% at both December 31, 2023, and September 30, 2023.



Read more: Wintrust Financial Corporation Reports Record Full Year Net